Innovation does not come from the free market from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
The idea that innovation does not come from the free market may sound counterintuitive at first. After all, the prevailing belief is that competition in the market drives companies to innovate in order to outdo their rivals and capture market share. However, this is not always the case. In reality, the free market does not always encourage innovation, especially when it comes to long-term, high-risk research and development projects. This is because companies operating in a free market are often focused on short-term profits and shareholder returns. As a result, they may be reluctant to invest in projects that may take years to yield results or that carry a high risk of failure. Moreover, the free market is not always conducive to collaboration and knowledge-sharing, which are essential for innovation. Companies are often more c...
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